Hong Kong and mainland stocks rose on Friday as investors bet on potential government measures to boost consumer spending.
Hong Kong’s benchmark Hang Seng Index surged as much as 650 points at one point to a high of 24,113 and ended the day up 497 points, or 2.12 percent, at 23,959.
The Hang Seng China Enterprises Index gained 237 points, or 2.75 percent, to 8,877, and the Hang Seng Tech Index rose 133 points, or 2.31 percent, to 5,880.
The main board turnover was HK$290.61 billion.
Tech stocks lifted the market, as Tencent (0700) rose 2.76 percent to HK$521.50, while Alibaba (9988) gained 3.27 percent to HK$135.80. Meituan (3690) surged 5.41 percent to HK$173.40, and Xiaomi (1810) was up 1.89 percent to HK$53.85. And JD.com (9618) advanced 5.34 percent to HK$165.60, as Kuaishou Technology (1024) climbed 2.53 percent to HK$64.90.
Gold prices hit new highs, boosting gold-related stocks. Zijin Mining (2899) rose 4.91 percent to HK$17.08, while Zhaojin Mining Industry (1818) gained 5.34 percent to HK$15.00. Shandong Gold Mining (1787) climbed 5.46 percent to HK$16.60, and Chow Tai Fook Jewellery (1929) advanced 3.44 percent to HK$9.31.
Insurance and brokerage stocks also outperformed. Ping An Insurance (2318) rose 5.59 percent to HK$49.15, as China Life Insurance (2628) gained 6.31 percent to HK$16.52. Citic Securities (6030) advanced 4.82 percent to HK$22.85.
In the mainland, the Shanghai Composite Index closed 1.81 percent higher at 3,419 points -- marking its highest level in over three months.
The Shenzhen Component Index rose 2.26 percent to 10,978 points.
For the week, the Shanghai and Shenzhen markets gained 1.4 percent and 1.1 percent, respectively, both advancing for a second straight week.
STAFF REPORTER
The Hang Seng Index gained 497 points, or 2.12 percent, to 23,959. Sing Tao
